cryptojournalist
According to Bloomberg, fintech companies Robinhood and Revolut are exploring the idea of launching their own stablecoins. If they move forward, they’ll be stepping into the $170 billion stablecoin market, joining the likes of PayPal, which introduced its own token last year.Robinhood already offers several digital assets, including USDC, a popular stablecoin.
Meanwhile, Revolut is reportedly working on its own version, though it won’t be available to users in the U.S.Tether currently dominates the stablecoin market with a value close to $119 billion, followed by Circle’s USDC at $36 billion. However, new regulations in the European Union (called MiCA) could pose a challenge for Tether. Exchanges in the EU may have to stop offering Tether unless it secures the proper licenses. Circle’s USDC already complies with these rules, and Tether is working on a solution to keep operating in the EU.
Footnotes:
Stablecoins: Cryptocurrencies that are tied to a stable asset, like the U.S. dollar, to avoid big price swings.
MiCA guidelines: A set of new regulations in the European Union aimed at regulating cryptocurrencies to ensure they comply with legal requirements across Europe.
